Ad-serving company Engage on Monday announced a deal to acquire Acton, Mass.-based MediaBridge Technologies, an Internet marketing software company, in an all-stock deal valued at $268.3 million, based on June 9 closing price of Engage's stock. Wall Street sent Engage's stock down to $16.94, its closing price the day of the announced sale. CMGI owns a majority stake in Engage, which said it plans to build MediaBridge's Web merchant software into its network of advertising sites. MediaBridge will operate as a wholly owned subsidiary of Engage, once the acquisition closes later this summer, pending shareholder approval. Bob Angelo, MediaBridge's president-CEO, will report directly to Paul Schaut, president-CEO of Engage. MediaBridge's clients include Circuit City, Polaroid, Sharper Image and The Wall Street Journal.
Copyright June 2000, Crain Communications Inc.